BioXcel Therapeutics, Inc. (NASDAQ:BTAI) Sees Significant Drop in Short Interest

BioXcel Therapeutics, Inc. (NASDAQ:BTAI) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 680,500 shares, a decline of 6.9% from the August 15th total of 731,200 shares. Based on an average daily trading volume, of 558,500 shares, the days-to-cover ratio is currently 1.2 days.

BioXcel Therapeutics Trading Down 1.5 %

Shares of BioXcel Therapeutics stock opened at $0.63 on Wednesday. The company’s fifty day simple moving average is $0.86 and its two-hundred day simple moving average is $1.73. BioXcel Therapeutics has a 12-month low of $0.53 and a 12-month high of $5.62. The company has a market cap of $23.66 million, a P/E ratio of -0.12 and a beta of 0.28.

BioXcel Therapeutics (NASDAQ:BTAI) last announced its earnings results on Tuesday, August 6th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.55. The firm had revenue of $1.10 million during the quarter, compared to the consensus estimate of $0.80 million. During the same period in the prior year, the company posted ($1.83) EPS. Analysts predict that BioXcel Therapeutics will post -1.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BTAI has been the subject of several analyst reports. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of BioXcel Therapeutics in a research report on Friday, September 6th. UBS Group cut their target price on BioXcel Therapeutics from $3.50 to $1.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $7.00 price target on shares of BioXcel Therapeutics in a report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Hedge Funds Weigh In On BioXcel Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTAI. Vanguard Group Inc. grew its stake in shares of BioXcel Therapeutics by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,099,375 shares of the company’s stock worth $3,100,000 after acquiring an additional 9,912 shares during the last quarter. Truist Financial Corp purchased a new stake in shares of BioXcel Therapeutics in the fourth quarter worth $32,000. XTX Topco Ltd raised its position in shares of BioXcel Therapeutics by 49.0% during the second quarter. XTX Topco Ltd now owns 46,503 shares of the company’s stock valued at $60,000 after buying an additional 15,291 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in BioXcel Therapeutics during the 2nd quarter valued at approximately $39,000. Finally, Rosalind Advisors Inc. bought a new stake in shares of BioXcel Therapeutics in the 2nd quarter worth about $51,000. Hedge funds and other institutional investors own 30.68% of the company’s stock.

About BioXcel Therapeutics

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.